VOL. 125 | NO. 183 | Tuesday, September 21, 2010
Memphis Real Estate Recap
Winbranch Apartments Sell for $2.4 Million
3595 Millbranch Road
Memphis, TN 38116
Sale Amount: $2.4 million
Sale Date: Sept. 7, 2010
Buyer: Winbranch Realty Partners LLC
Seller: LBUBS 2004-C4 Millbranch Road LLC
Loan Amount: $975,000
Loan Date: Sept. 7, 2010
Maturity Date: Sept. 1, 2011
Lender: The Leshum Group LLC
Details: Winbranch Realty Partners LLC has bought The Winbranch Apartments at 3595 Millbranch Road from LBUBS 2004-C4 Millbranch Road LLC for $2.4 million. The complex was built in 1968 and has 460 units, according to the Shelby County Assessor of Property, whose 2010 appraisal is $4 million.
The apartments average 808 square feet with $432 average rent per unit, according to a statement from CB Richard Ellis Memphis.
The seller, LBUBS 2004-C4 Millbranch Road LLC, bought the property for $4 million at a foreclosure sale in June 2009.
Blake Pera and Tommy Bronson III with CB Richard Ellis Memphis’ Multifamily Division represented the special servicer in the sale to the buyer, Winbranch Realty Partners LLC. Winbranch Realty Partners is affiliated with New York-based Armstrong Capital Management LLC. A call to Armstrong was not returned by press time.
7130 Goodlett Farms Parkway
Cordova, TN 38016
Loan Amount: $14.6 million
Loan Date: Aug. 26, 2010
Maturity Date: Sept. 1, 2015
Borrower: JP Goodlett LLC
Lender: JPMorgan Chase Bank NA
Details: JP Goodlett LLC has financed property at 7130 Goodlett Farms Parkway through JPMorgan Chase Bank NA for $14.6 million. The site contains a roughly 254,000-square-foot, four-story office building built in 1991 on the north side of Goodlett Farms Parkway east of Charles Bryan Road in Goodlett Farms East Planned Development.
The property is part of a site JP Goodlett bought from Regions Bank in June 2008 for $13 million. It was financed at that time for $13.2 million through Liberty Bankers Life Insurance Co.
3710 Riverdale Road
Memphis, TN 38115Sale Amount: $2.2 million
Sale Date: Aug. 30, 2010
Buyer: ARC IHMPHTN002
Seller: AAA CTL Notes Ltd.
Details: ARC IHMPHTN002 has bought a 4,200-square-foot IHOP restaurant built in 1999 in Hickory Trace Commons Planned Development, phase three. It sits at the northeast corner of Riverdale Road and Malco Crossing.
No loan documents were filed at the time of purchase.
The Shelby County Assessor’s 2010 appraisal is $830,000. AAA CTL Notes Ltd. bought the property from AMREIT Fidelity Corp. in July 2002 for $1.6 million.
Market at Riverdale
Sale Amount: $1.8 million
Sale Date: Sept. 9, 2010
Buyer: Riverdale Investors LLC
Seller: Market at Riverdale Bend HH LLC
Details: Riverdale Investors LLC has bought the Market at Riverdale shopping center from Market at Riverdale Bend HH LLC for $1.8 million. No loan documents were filed at the time of purchase.
The Market at Riverdale includes three parcels between 7114 and 7186 Winchester Road, on the north side of Winchester east of Riverdale Road. The 7114 Winchester site is a 152,735-square-foot discount department store site built in 1998.
The Shelby County Assessor’s 2010 appraisal is $6.3 million. Another parcel is a 6,720-square-foot franchise food restaurant appraised at $636,600. The third parcel is 1.33 acres of vacant land, according to the assessor.
The buying entity, Riverdale Investors LLC, lists an address in Weston, Fla. The company could not be reached by press time.
1724 S. White Station Road
Memphis, TN 38117
Sale Amount: $430,000
Sale Date: Sept. 7, 2010
Buyer: Fairway Investments LLC
Seller: First Citizens National Bank
Loan Amount: $387,000
Loan Date: Sept. 7, 2010
Maturity Date: Sept. 7, 2011
Lender: First Citizens National Bank
Details: Fairway Investments LLC has bought one lot in White Station Freeway Subdivision from First Citizens National Bank for $430,000. The deal was financed with a $387,000 loan through First Citizens National Bank.
The property includes a one-story, 8,000-square-foot office building built in 1964. It formerly was a Goodwill donation station. The Shelby County Assessor’s 2010 appraisal is $466,000.
First Citizens received the property in a trustee’s sale in May. The previous borrower, Dan and Lisa Bacaner, defaulted on a 2007 loan for $491,704.
Fairway Investments LLC has a Collierville address.
Vacant parcel in Fieldstone PD
Sale Amount: $300,000
Sale Date: Sept. 2, 2010
Buyer: Germantown Storage LLC
Seller: Players Crossing Partners
Loan Amount: $1.3 million
Loan Date: Sept. 2, 2010
Maturity Date: Sept. 10, 2030
Lender: Renasant Bank
Details: Germantown Storage LLC has bought part of a 5.2-acre vacant parcel from Players Crossing Partners LLC for $300,000. The sale was financed with a $1.3 million construction loan through Renasant Bank, with the note maturing in September 2030.
The property is vacant land west of Hacks Cross Road north of Haversham Way and east of Remington Court, part of Parcel C, 4th amendment, of Fieldstone Planned Development.
The Shelby County Assessor’s 2010 appraisal of the 5.2-acre parcel is $655,200. The property, according to the sale deed, is all or part of a parcel Players Crossing Partners bought in May 2007 for $336,624.